Have you ever fallen behind with your mortgage repayments? what was the outcome?

Question

Have you ever fallen behind with your mortgage repayments? what was the outcome?

Answer 1

Yes  years ago.    Eviction...   Council rehoused family    then bought house on right to buy.  All paid for now,  All because rotten  mortgage  lender would not allow.  3 months grace to get straight.  Even  County court judge  said they were being very hard,  but within the law..  So he had to allow their petition ...

Answer 2

I have and because my house is actually worth less than what my loan is for, they do everything the possibly can to ensure that I keep the home. They are reasonable to a point. Usually after the first two months of being behind they have the threatening calls and letters demanding that you pay all up front or lose your house.

In my case though, they put our 3 months of being behind and transferred it onto the end of the note. They also put us on a payment plan that dropped the interest off for 6 months so we could keep up. They put the interest at the end as well.

I am sure most companies don't do this but we had payed on time for nearly ten years and had good repore with the company. We were able to keep our house and they were happy we kept it as well. If they would have had to repo it then then they would resell it for a fourth of what we owed. THey know they would not have gottent he difference from us so they did everything they could to help us keep the house.

This was only because we did not avoid their calls, and we constantly called them when things changed in our finances. We were both out of work for nearly a year. Side jobs were keeping us afloat until that finally ran out.

That is when we got 3 months behind. Generally at 3 months they kick you out and lock you out of your own house.

Answer 3

No but i worked in the department in the bank that dealt with people who were having problems paying with their credits and mortgages etc.

The best thing to do is to speak to the bank as soon as possible. The departments can only look after problem accounts for so long before they'll send it to an insolvency department (whose job it is to get the money back in any way they can). Call them today and they'll try their best to help you get back on track.

Answer 4

Previous posters experience not withstanding...

'Generally speaking'.... mortgage co's (particlary the big banks) don't want to reposess your home... it's no more in their interest than it is in yours.

They will if they have to though.

The previous answers are totally correct, take the initiative, get in touch with them, pay them what you can (even if it isn't the full amount) all these things will help stave off or even prevent reposession.

Answer 5

lost our house,ended up living with my mum for a year now in council house

Answer 6

First you get a letter then you get phone call then they invite you for an interview and then you get a legal letter.

Best thing is to take the initiative and explain the problems before they come to you.